[마켓인]New York Stock Market Competition Invitation Word Coupang… What is the share price after listing?

[이데일리 박종오 기자] Interest is focused on the stock price outlook of Coupang, the nation’s largest e-commerce (e-commerce) company, after listing. There is also a prospect that Coupang’s share price may go downhill as the ransom has been priced so high and the stock market is currently being adjusted.

Coupang listed on the 11th of the US stock market

Headquarters in Coupang, Songpa-gu, Seoul (Photo = Yonhap News)

According to the investment banking (IB) industry, Coupang will confirm its offering price on the 10th (hereinafter, local time) and list it on the New York Stock Exchange (NYSE) on the 11th.

According to the data that Coupang submitted to the US Securities and Exchange Commission (SEC) the day before, Coupang raised the proposed public offering price to $32-34. Previously, they offered $27-30 per week.

If the public offering price is set at the highest value of $34, Coupang can raise up to $4,800 million (about 4.4 trillion won) through this listing. This is the second largest among companies operating in Korea based on the public offering amount.

Samsung Life was listed on the KOSPI (Stock Exchange) in May 2010 and raised $4.3 billion.

Coupang’s corporate value, which multiplied Coupang’s total number of issued shares (1.67.71 million shares) by the highest public offering price of $34 per share, also soared to $58 billion (about 66 trillion won).

In terms of the simple ransom, it is the second highest in the market cap of the KOSPI (483 trillion won) and (97 trillion won). It exceeds the third place (63 trillion won).

Seohak ants worry about “Should I buy Coupang stock?

The interest of domestic investors is the share price trend after Coupang’s listing. As it is virtually impossible for individuals to invest in public offerings,’Seohak ants’ (Korean private investors investing in overseas stocks) are weighing whether or not to buy stocks after Coupang is listed.

Some expect Coupang’s share price outlook is not bright. This is because Coupang’s corporate value was initially set too high compared to its competitors. It is said that there is a possibility that the stock price will go down after listing.

In fact, according to Daishin Securities, Coupang’s corporate value (PSR) compared to last year’s sales was 4.8 times, higher than Amazon’s (4.4 times), the largest e-commerce company in the United States. Coupang’s PSR is half that of China’s Alibaba (9.3 times) and Jingdong.com (8.6 times), but it is pointed out that this is also an’optical effect’.

Coupang has a high proportion of direct purchases that recognize the entire transaction amount as sales, but Alibaba only reflects the sales commission, which is a part of the transaction amount, as the company’s sales. If the two methods of recognizing sales are unified and compared, Coupang’s corporate value may be higher than that of Alibaba.

Bloomberg News reported on the 7th that “Coupang’s IPO in the US will outperform Amazon’s valuation (share price relative to company performance).” , Shinsegae, BGF Retail, Hyundai Department Store, etc. It may exceed the combined market value of the six retailers owned by the conglomerates.”

There is a possibility that the Coupang Butterfly effect will also affect the stock price of domestic e-commerce companies. This was because domestic securities companies saw that Coupang was recognized for its high corporate value in the US stock market and raised the target stock price of companies that do similar businesses in Korea at the same time.

An analyst in charge of distribution at a securities company said, “It seems that US institutional investors have given high marks for providing a variety of services that Amazon cannot do, such as Coupangi Coupangitsu and fresh food business.” Korean e-commerce companies will also be affected.”